LOCALBITCOIN REVIEW

1. LocalBitcoins Review – An Honest Review What is LocalBitcoins? Let’s start with the basics. Founded in 2012, by Jeremias Kangas, the​ LocalBitcoins​ is a startup company in Helsinki, Finland. Their main purpose is to overview the direct trade of the bitcoins between the buyer and the seller that requires no supervision between themselves during the trade. Also known as the “​Over-the-counter​” trading. Or in simpler terms: An open outcry for the people. Users over the network post advertisements on the website; where they state the exchange rates they are willing to sell their ​bitcoins​ at. Users being intrigued will meet the person selling the bitcoins or perform the transaction using online banking. The whole system comes under the concept of Escrow developed by Jeremias Kangas himself. Along with this, ​LocalBitcoins​​also provide a reputation and feedback mechanism/program for users with an escrow and negotiation service. This is where LocalBitcoins​ initiate programs where users can rate each other in online communities in order to build a sense of trust through reputation. As we have seen the introduction, let’s look into the pros and cons of ​LocalBitcoins​: Pros: ● In terms of privacy, ​LocalBitcoins​​provide the most secure way to handle transactions i.e to purchase Bitcoins. ● In some countries,​​LocalBitcoins​​may seem the only way to sell/trade bitcoins. ● Not only is privacy provided but a different variety of options (payment methods) are available to purchase Bitcoins. ● No need for a verification ID. ● No political conflicts and third-party interventions. Cons: ● Users will need to be aware of scams, therefore, precaution and care must be taken to avoid being looted.

2. ● When using cash as a payment method, it tends to be slightly expensive since many people are willing to spend extra on receiving ​LocalBitCoin​​privacy offers. ● Not usually suitable for buyers who invest in a lot of Bitcoins. ● Due to the point above, sellers will ask or inquire about the verification ID. ● Having a quick transaction usually depends on the payment method. ● Some payment methods such as​​Paypal​ have reversible payment features, which is in fact; risky. As a general viewpoint, ​LocalBitcoins​​do no impose any such limits on the users rather, users are free to deal with how much bitcoins they want to sell or purchase including the limits as well. This is a remarkable experience for the users due to the no limitations provided along with the privacy offers. It may seem the users are reaching a level of fair negotiations but how much is it actually reliable in? Moreover, do all countries promote such a trading exchange? In relation to countries, ​LocalBitcoins​​are available in mostly all companies except Germany and the State of New York. This is because LocalBitcoins have decluded New York due to the BitLicense. Currently as denoted, 248 countries and 15971 cities have exchangers for providing bitcoins between buyers and sellers. Sign up to LocalBitcoins here! So what makes ​LocalBitcoins ​different from other trading exchanges? ● Dealing with humans: As previously mentioned, there is no third party or any political intervention as such that may disrupt the transaction taking place. Unlike other centralized Bitcoin sites, there is no corporate head, therefore, the process is lean and fast and Bitcoins are received instantly. Thus, the main focus is not towards one country with another but rather between one user and the online community. ● Supporting payment methods:​ LocalBitcoins​​can support every payment method the user community is engaged with. ● Privacy: Again, as mentioned, privacy is one of its prominent features where it offers a P2P trading exchange.

3. LocalBitcoins review Users who wish to purchase​​Bitcoins​​through cash deposit will have to generally wait for an hour to receive the bitcoins. Although, if a face to face or in-person cash trade occurs, it would be less time-consuming and much easier to organize. Unfortunately, as mentioned, the speed of delivery will take around 15 minutes so it can be time-consuming. Regarding the fees, as mentioned, only 1% has been charged on all sorts of trades but the price will differ due to inflation based on the payment method. The real question asked is: Can you trust LocalBitcoins? ● Referring to its history, it is one of the well-established platforms for exchanging Bitcoin. ● However, it is advised that users should not store their bitcoins in the wallet as it can be risky due to fraud or sudden unexpected reasons. ● Overall, the reputation is good but each and every user’s reputation must be checked to prevent fraud on the exchange. Sign up to LocalBitcoins here!